Vietnam listed as future key destination for S Korean firms

Vietnam is emerging as a key destination in the future business strategy of enterprises from South Korea, a survey has shown.

The Korea International Trade Association (KITA) conducted a survey on foreign business demand for 906 conglomerates and companies from August 10 to 30. The results indicated that, aside from the U.S. ranking at the top, the focus of business operations for Korean companies abroad has shifted from China and Japan to emerging markets such as Vietnam and India.

Regarding the choice of countries as important future business destinations, the U.S. was the top with 22.9%, followed by Vietnam with 8.7%, India 7.3%, China 7.0%, Japan 5.2%, Germany 4.1%, Indonesia 3.8%, and Saudi Arabia 3.1%.

The survey also showed that companies with significant export capabilities consider India as their future business destination, while medium-sized export performers choose Vietnam and China.

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For those with export capabilities exceeding $10 million, the U.S. tops their priority for future business destinations with 27.3%, India 8.4%, Vietnam 8.2%, Japan 5.1%, and China 4.5%.

For those with export capabilities below $10 million, the order was the U.S. 20.5%, Vietnam 9.6%, China 9.1%, and India 7.1%.